RITES shares in news today on MoU with Etihad Rail, check details

Shares of RITES Ltd are in news today after the firm said it inked a signed a Memorandum of Understanding (MoU) with Etihad Rail, the developer and operator of the UAE National Rail Network. The MoU will help RITES explore cooperation and synergise strengths in developing railways and related infrastructure services in the UAE and wider region.

RITES Ltd stock closed 1.64% higher at Rs 300.60 on Tuesday against the previous close of Rs 295.75 on BSE. The stock has gained 20 per cent this year and risen 25 per cent in one year.

Shares of Rites are trading lower than 5-day, 20-day, 50-day, 100-day and 200-day moving averages. Total 1.67 lakh shares changed hands amounting to a turnover of Rs 4.98 crore on BSE. Market cap of RITES rose to Rs 14,446.95 crore.

"RITES Ltd., a prime transport infrastructure consultancy, today signed a Memorandum of Understanding (MoU) with Etihad Rail, the developer and operator of the UAE National Rail Network, to explore cooperation and synergise strengths in developing railways and related infrastructure services in the UAE and wider region," said RITES. 

Rahul Mithal, Chairman & Managing Director, RITES said, "This strategic collaboration with Etihad Rail underscores our strengths and commitment to operational excellence & innovation, while contributing to sustainable infrastructure development. It represents a significant advancement in our strategic initiative of ‘RITES Videsh’, aimed at expanding our global services. Together, the entities are laying the foundation to significantly contribute to enhanced connectivity, setting new benchmarks of excellence in the industry."

RITES Limited, a subsidiary of Indian Railways, provides engineering services. The company offers transport infrastructure consultancy, railway inspection, rolling stock leasing and maintenance, airport construction management, industrial and electrical engineering, and other related services.

RITES serves customers worldwide. RITES was incorporated as 'Rail India Technical and Economic Services Private Limited' on April 26, 1974 as a private limited company under the Companies Act, 1956.